Historic Tax Reform Signed Into Law

Senator Richard Burr2017-12-22 11:05:15

Richard Burr, US Senator North
Carolina
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Historic Tax Reform Signed Into Law
This was a historic week for
our country. After thirty-one years and monumental shifts in our
economy, we finally have a tax code that works for the American people in
the 21st century. For far too long, our tax system has been a burden to
the millions of middle-class citizens that make up a majority of this
country. Now, you will finally see Washington start to get out of your
pockets, and put Main Street in the driver's seat of the economy.
This legislation doubles the standard deduction, doubles the
child tax credit, and repeals Obamacare's Individual Mandate Tax that has
been crippling the lower- and middle-class since
enactment.
Middle-class families and small businesses across America also benefit from
significantly lowered rates. Similarly, this law lowers the corporate tax
rate from the highest in the industrialized world to roughly the
average corporate rate of our competitors, and it incentivizes companies
to bring their money back from overseas.
I'm also incredibly
proud to have fought for a number of enhancements to the Achieving a
Better Life Experience (ABLE) Act, including the ABLE to Work Act and the
ABLE Financial Planning Act. These provisions allow disabled
individuals to work and save more without risking the loss of benefits and
allow rollovers from 529 college savings accounts into ABLE accounts. You
can read more about this here in the Winston-Salem Journal [link
1].
Not only has this been a historic week for our country, but
this has also been a historic year. We have confirmed more
highly-qualified circuit court judges (twelve) than in any first year of a
presidency since 1789. We imposed and reinforced hard-hitting sanctions
against those who would seek to do us harm in Iran, Russia, and North Korea.
And we fully funded our national defense, while giving our troops a
long overdue pay raise along the way. I look forward to more important
achievements in 2018, but until then, I wish all of you a Happy
Holiday and New Year.

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This was a historic week for our country.
After thirty-one years and monumental shifts in our economy, we
finally have a tax code that works for the American people in the
21st
century. For far too long, our tax system has been a burden to the millions
of middle-class citizens that make up a majority of this country.
Now, you will finally see Washington start to get out of your pockets,
and put Main Street in the driver’s seat of the
economy.

This
legislation doubles the standard deduction, doubles the child tax
credit, and repeals Obamacare’s Individual Mandate Tax that has been crippling the lower- and
middle-class since enactment. Middle-class families and small
businesses across America also benefit from significantly lowered rates.
Similarly, this law lowers the corporate tax rate
from the highest in the industrialized world to roughly the average
corporate rate of our competitors, and it incentivizes companies to bring
their money back from
overseas.

I’m also
incredibly proud to have fought for a number of enhancements to the
Achieving a Better Life Experience (ABLE) Act, including the ABLE to Work
Act and the ABLE Financial Planning Act. These provisions allow
disabled individuals to work and save more without risking the loss of
benefits and allow rollovers from 529 college savings accounts into ABLE
accounts. You can read more about this here in the Winston-Salem Journal.

Not only has this been a historic week for our
country, but this has also been a historic year. We have confirmed more
highly-qualified circuit court judges (twelve) than in any first year
of a presidency since 1789. We imposed and reinforced hard-hitting
sanctions against those who would seek to do us harm in Iran, Russia, and
North Korea. And we fully funded our national defense, while giving
our troops a long overdue pay raise along the way. I look forward to
more important achievements in 2018, but until then, I wish all of you a
Happy Holiday and New Year.